Watch what you say, Mbappé Mao remarks cost On Holdings (NYSE: ONON) stock to go down
Landon Capital News
Shares of On Holding AG (NYSE: ONON) fell as much as 6% before paring losses to around 3.5% after French soccer star Kylian Mbappé lost Chinese sponsorship deals following backlash over comments he made about Mao Zedong.
Mbappé responded to the controversy by saying, “I have deep respect for the Chinese people,” adding, “I apologize to everyone my words have upset.”
The controversy erupted after a video circulated online showing Mbappé apparently referencing a meme featuring his face photoshopped onto an image of Mao, whom he described as “some guy – I think he’s a Chinese dictator.”
Two Chinese food-and-beverage brands cut ties with the Real Madrid forward following the incident. China’s state broadcaster CCTV also suspended coverage of Spain’s LaLiga, including matches involving Mbappé, and removed advertisements and videos featuring him. The measures took effect Tuesday, according to Chinese media outlet The Paper, citing sources within the broadcaster.
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